Stephen Vernon: Personal guarantees made the system toxic
Green Properties boss on the banking inquiry and the mania behind the economic crash
It’s the morning of the publication of the report of the Banking Inquiry as Green Properties boss Stephen Vernon sits in his fifth floor office on Hatch Street and wonders what weight, if any, the politicians will give to the role of personal guarantees in causing the property related financial crisis.
Vernon has no doubt about the toxicity to the system caused by the way banks gave loans to developers and investors secured by...
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